I need some help finding deals.

Brookylnboy-- yes there are a number of buildings with unsold units that we hear may go the auction route.. from my understanding they are mostly FIDI and brooklyn, and one or two UES at this point. HOwever to my knowledge none have signed an actual agreement with an auction house with a date set for the auction. Auctions can be very tricky, you have to have all of your ducks in a row before moving forward and even bidding. They are really geared towards people who are all cash or have private financing. You may be better off approaching these developers with offers before the units go to auction.

brooklynboy, you probebly wouldn't want to get involved yet anyway. Prices have a ways to drop, there will be more auctions where units are sold at an even greater discount. Units are usually bought by large entities who plan on doing any number of things with them, the thing you're most interested in is their selling them quidkly at a moderate profit. If a company can buy something at 60% or more off the top of the market, and they have the cash to do it, they may very well turn around and try to sell them at 40% off, and the numbers may change over time. This is a game, and one that some investors are very very good at. It will show up in the prices, we'll all hear about it if it happens.

unless your an expert, auctions are not a good way to get a deal. Also, even if your the highest bidder, there is no guarantee that they will sell to you since most auctions have a secret reserve price that must be met.

alpine292 what is a secret reserve price or better yet where does that money go. "the auctioneer or developer"?

the secret reserve price is the minimum that the seller is willing to accept. So if the starting bid is $300,000, the reserve price might be $500,000, but this is not made public.

nycbrokerdax--What if you as a real estate broker have access to private funds that would allow you to create a market that will yield you, your commission and fill the needs of the home seller and buyer(S).
"No one knows the bottom of the real estate market".
A large number of sellers that are involved in a realty transaction are enthusiastic to sell. At this point it is the best time to take an offer to the developer using our private funding; using this funding will allow the developer to cash out with more money, and we would own a mortgage that we love.